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Here’s an overview of how the Lease Option Program’ Lease with a Right to Purchase Program process works, from prequalification to application to approval to home close:
*Anyone who is 18 years or older and will reside in the home must complete both the Pre-Qualification and the Full Application.
If the Pre-Qualification Application is approved, the applicant will be required to submit a Full Application for a full credit and background check.
If a Full Application is approved, Lease Option Program will outline the maximum Monthly Rent of the home for which the prospective resident qualifies.
Once a home is identified and approved by Lease Option Program, Lease Option Program will attempt to purchase the home — the outcome of which will depend on certain conditions being met such as agreeing on a purchase price with the seller, a satisfactory inspection, attorney review of the purchase contract, and other closing conditions being satisfied.
To see if a home not listed on the website is in an approved community, please visit our address checker at:
Prospective residents will be required to sign a one year lease for the home as well as the Right to Purchase Agreement
We buy the home. You lease it and have the right to buy it later, should you wish. Right to purchase agreement, maintenance adjustment in purchase price